How to avoid repossession Telegraph.co.uk
Build a safety netBuild a financial cushion to protect against shocks. Advisers recommend enough cash to tide you over for three to six months. Keep it in an easy-access savings account.
Look at insuranceUnemployment insurance is an option. This cover, often bundled with accident or sickness insurance, normally pays a fixed monthly income, which is set at the outset. It is typically two-thirds of your take-home pay, although you can buy policies that cover just the monthly mortgage.
There is often a delay of one, two or three months before you receive the first payment – the longer this "deferment" period, the cheaper the policy, and payments are made for the maximum of a year.
This insurance is not generally available to people who are self-employed, work on contracts, or for a company that has already announced a redundancy programme.
Don't ignore problemsTO avoid repossession, take action the moment you realise there is a problem, or could be one, advisers say. Even if you have not missed a payment it is worth contacting a lender if you think this is likely in the next few months.
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Good ways to get out of credit card debt include not using cards and quickly paying down cards with smaller balances. Stay out of credit card debt ...
What are the pros and cons of consumer credit counselling and debt consolidation?
Hello, I am in desperate need of some advice as my situation is just getting out of hand. I used to have a credit score of almost 800 about 2 years ago. Now I dont even bother to check my score anymore. I made the mistake of getting some rental properties with ARMS. As time passed, bad tenants, rising interest rates and a recent wedding have REALLY put me upside down. I have tried and tried everything. A couple of my properties have nearly been foreclosed on. I have tried those firms that dispute credit issues but thats not helping out. The thing is, my revolving debt is really not that bad, I only have two revolving accounts, but they are maxed out. I just need to catch up on them and also straighten out my mortgages. I have thought of consumer credit counselling and wanted to know its pros and cons, any advice would be grateful. Thanks!
There is an article here about debt consolidation counseling which may help you.
I wish you luck!
"The Pro's and Con's of Debt Consolidation Loans
By Wesley Atkins
You are swimming in debt. You have 4 credit cards maxed out, a car loan, a consumer loan, and a house payment. Simply making the minimum payments is causing your distress and certainly not getting you out of debt. What should you do?
Some people feel that debt consolidation loans are the best option. A debt consolidation loans is one loan which pays off many other loans or lines of credit.
I’m sure you’ve seen the advertisements of smiling people who have chosen to take a consolidation loan. They seem to have had the weight of the world lifted off their shoulders. But are debt consolidation loans a good deal? Let’s explore the pros and cons of this type of debt solution.
Pros
1. One payment versus many payments: The average citizen of the USA pays 11 different creditors every month. Making one single payment is much easier than figuring out who should get paid how much and when. This makes managing your finances much easier.
2. Reduced interest rates: Since the most common type of debt consolidation loan is the home equity loan, also called a second mortgage, the interest rates will be lower than most consumer debt interest rates. Your mortgage is a secured debt. This means that they have something they can take from you if you do not make your payment. Credit cards are unsecured loans. They have nothing except your word and your history. Since this is the case, unsecured loans typically have higher interest rates.
3. Lower monthly payments: Since the interest rate is lower and because you have one payment vs many, the amount you have to pay per month is typically decreased significantly.
4. Only one creditor: With a consolidated loan, you only have one creditor to deal with. If there are any problems or issues, you will only have to make one call instead of several. Once again, this simply makes controlling your finances much easier.
5. Tax Breaks: Interest paid to a credit card is money down the drain. Interest paid to a mortgage can be used as a tax write-off. Sounds great, doesn’t it? Before you run out and get a loan, let’s look at the other side of the picture – the cons.
Cons
1. Easy to get into further debt: With an easier load to bear and more money left over at the end of the month, it might be easy to start using your credit cards again or continuing spending habits that got you into such credit card debt in the first place.
2. Longer time to pay off: Most mortgages are the 10 to 30 year variety. This means that rather than spend a couple of years getting out of credit card debt, you will be spending the length of your mortgage getting out of debt.
3. Spend more over the long haul: Even though the interest rate is less, if you take the loan out over a 30 year period, you may end up spending more than you would have if you had kept each individual loan.
4. You can lose everything: Consolidation loans are secured loans. If you didn’t pay an unsecured credit card loan, it would give you a bad rating but your home would still be secure. If you do not pay a secured loan, they will take away whatever secured the loan. In most cases, this is your home.
As you can see, consolidated loans are not for everyone. Before you make a decision, you must realistically look at the pros and cons to determine if this is the right decision for you. "
HELP! I have NON-Consumer Debt (Medical Debt) <1 Yr. Old. I was Single when they happened, now I am Married...
I have seen MANY MANY helpful answers to people who had debt while married and advice on what happens to their married debt now that they are SINGLE... but not ONE question about SINGLE DEBT in only my name, and what happens to that debt now that I am married. I certainly don't want to soil my new hubby's good name and excellent credit he worked so hard for. I do NOT want him to help me pay them and want to do this myself... but I worry if we are now married that somehow MY old debts that take longer than i'd like to pay off... might reflect badly on HIM somehow. He already has his house mortgage in his name, not OURS, and I know if we want to buy one TOGETHER that will get complicated if I have bad credit in the future... but as of TODAY, as of right now... can someone please tell me... in the state of Florida, if a single person gets married does THEIR BAD CREDIT or current or past due bills affect the new marriage partners credit? Thanks SO much in advance! - The Bride -
My wife had similar issues. Her credit problems have not affected me in any way. As long as my name has been on the credit apps, etc, they have all sailed right through... Don't sweat this...
Everything that is attached to your SSN is yours; everything that's attached to his SSN is his. If you guys purchase or finance something together, then it will appear on both people's credit as a joint account. Same deal if you were to add one another as authorized users on your credit cards or something...but your old debts and bad credit will not hurt his credit standing.
When you think about it, it would really unfair if it happened like that, wouldn't it?!
The only way your credit would ever effect your husbands will be when you two apply for a loan together and even then it will only cause your rate to be higher.
To know more you can visit
http://www.debtconsolidationmanagement.blogspot.com
and
http://www.geteasyloans.blogspot.com
Advice for debt business?
I am starting a personal debt counseling business later this year, to help general consumers make a plan to get their financial lives under control. This is not the type of business that consolidates your debts for you- so you don't have to worry that I won't be responsible with your money or mess things up worse for you. I meet with you, analyze your debt, create a customized budget for you, teach you about how to improve your credit score and how to avoid future problems, etc. Is this a service you think is valuable? Does $100 for 3 sessions, including customized plans and analysis, seem reasonable? Any suggestions on how to make people understand how I'm different from the other credit counseling services?
People would pay $100. I think that is a completly reasonable price, your biggest problem will be marketing yourself to customers though. If you stick with it, I'm sure that your initial customner base will expand mainly through referals.
I'm in debt and need some advice, please help?
I am a student, not working at the moment, as I am still job hunting. I've been in debt for a few months now and just don't have no money to pay my creditors. These are my debts:
Littlewoods £500
Bank of Scotland credit card £700
Vanquis £500
Capital one £500
Amazon card £800
Barclaycard £300
Great universal £500
Additions £250
Kays £500
Marshall ward £500
My debts total to about £5000 or so. I have been depending on my student loan to survive, but it is all gone paying my creditors and now I cannot keep up with paying this months bills etc. I regret having all these credit cards and store accounts. I went online on the cccs website (consumer credit counselling service) and got a debt remedy done which I sent to all my creditors. However littlewoods and the store accounts declines my token monthly payment saying it did not meet their required minimum payment. What is the best thing for me to do now? Please advise what I SHOULD do? I thank you for your advice.
(I don't have any assets, live with my parents and I did take a short loan earlier this year from my sister so cannot depend on family no-more as it'll cause them struggle, I need to sort this mess out myself just need the right guidance as to how, I don't want to run from my debts)
Make the payment to the ones that are refusing the payment. Do this by postal order or some method that would mean they and you have a record. They have to take the payment or refuse altogether. They should give up after a few regular payments. You must pay it regularly if you are going to do this as you need to show willingness to pay. If they send it back and refuse they will be breaking the law cause you are willing and they will take you to court. Don't worry. This is the best thing that can happen as they then will split up the amounts and pay them what the court see's as fair, leaving you with enough to live on.
Good luck!
How about sorting through your stuff to see if there's anything you can can sell, say at a car boot fair or on ebay, for some extra cash.
Go to an employment agency and see what work they can offer you.
sorry i can't be of any more help
I did the exact same thing as you. the frist thing I did was tell afriend and we went to citizens advice together. They gave me a heap of infomation on what I could do. I als tried writing to my creditors but like you they were having none of it. I was on the edge of bankrupcty when i got and email from a company called thomas charles they hepled me arrange something called and iva which is where you only pay off what you can afford each month and after 5 years your debt is wriiten off. I feel like i can live again now. I hope what i have said has helped and you can get on with your life. Good luck x
Stay away from catalogues in future as they charge too much interest.
I would contact the National debt line for further advice. They will send you an information pack of what to do now that some creditors are refusing your payments.
Make sure all your creditors have stopped charging you interest and that they have accepted your offer of repayment. Write to Littlewoods and let them know that the others have accepted your offer and stopped charging interest. In the meantime, to show good faith on your part, make regular payments of what you said you can afford.
It is coming up to Christmas and you should be able to find work in bars/restaurants over the festive period. If you smile and are friendly you will make good money on your tips.
You have already had some help along the right lines, in terms of making offers of payment to companies like Littlewoods. You need to follow a process that involves finding out how much money you can afford to use to pay back your debts, and negotiating affordable amounts with your creditors.
It's a bit too much to get into the details here, but there is a full guide on what you need to do at www.debtassistancesite.com.
You are actually lucky, in that the kind of debts you have do not mean you are about to lose your home or have your electricity cut off.
Be careful who you contact, many offers of help will be from companies wanting to loan you money or charge you for their debt management services. Your solution to this needs to not involve spending any more money.
You can definitely get out of this situation. Get a job, any job, as quickly as possible. You MUST have an income. Follow the advice and you will see light at the end of the tunnel.
God luck.
I am Mr Brown Walter, a reputable, legitimate & an accredited money Lender.
I loan money out to individuals in need of financial assistance.
Do you have a bad credit or you are in need of money to pay bills?
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assistance as I'll be glad to offer you a loan.
Services Rendered include:
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Getting out of debt?
I have a serious ongoing problem. I am a single mom that owes probably $4000 in unpaid bills. now one of my credit card companies turned me over for collection, and they want either a reduced amount paid off or 2 payments of over $600 each. I don't have it. I was screwed in a divorce, trying to raise two kids on one income and can't make my payments. Gas is killing me. I also owe over $600 to the government and that will come out of my stimulus check. I can't ask to borrow any more money from mom. I need to call the bill collector back in 24 hours on the credit card or they will start proceedings. What do I do? I am reading how bad consumer credit counseling places are.....any advice?
First of all, Bankruptcy is NOT your answer. It's not worth it for $4,000. As a single mother, your priorities should be shelter for your children, food, clothes on their backs, utilities, and transportation. Credit Card companies will tell you they will garnish your wages, they will tell you they know where you work and how much you make but the truth is they don't. You can call and tell them your story, but they will have absolutely NO sympathy for you what-so-ever. If you can't pay your credit card bills for awhile SO WHAT!? Just provide the basic necessities for your children. IF your credit cards get behind a year or so, they credit card company may sue you. At which point you could settle with them for 30-60 cents on the dollar. They could just lie down and not come back to sue for two or three years... .it depends on the company. Like I said, just provide the necessities for your children. If you do that, you're being the BEST mom you can be. The credit card companies really do not matter. As far as your credit is concerned... if you've been turned over for collection, your credit is going to be pretty scarred anyways, so who cares if they are your last priority.
Credit Counseling is not bad and can help you. Yes, while you are on any program it is noted on your credit report. But during this time you don't want to be getting any new credit anyways. But once you are out of the program you can be in much better shape. You do want to stay away from Debt Settlement programs as they can cause you more damage than good. If you do want to look at Debt Management be sure they are a member of the National Foundation for Credit Counseling NFCC
I have done both, 5 years after by Bankruptcy, I have 4 new credit cards, car loans and My credit is squeaky clean.
You are obviously spending more money than you are making. cut back on your expenses. Sell everything that you do not need (including TV, computer, books lying around, DVDs, clothing you dont wear etc..) from that you should have some good money to pay off part of your debt. the rest would come out of yoru paycheck
2. Contact your debtors and see if you can negotiate a lower rate of interest in return for discontinuing use of the card.
3. Some agencies offer debt counseling at no charge. Check with your local social services agencies and other non-profits in the area to see if they can help or provide referrals.
Good luck.
-----------------------------------------
http://www.loansandinsurances.com/
Do CC companies really hire law firms to sue debt-owing consumers?
Do CC companies really hire law firms to sue people over unpaid cc debts less than $2000?Some law firm from UTAH called my mother's answering machine left a rude msg that they are going to sue me and take me to court over a Providian CC I once had. I called them today and the guy hung up on me 2x. Finally I called back and got a "manager" he basically told me that the collectors sold it to them and they will serve me papers and sue me if I do not pay it off. I am a student and only make $8/hour!!! He basically is trying to force me into paying a sum of $25 a month w/post dated checks! He also is demanding that I get to a fax machine immediately so he can fax me some papers to sign and then wants me to give him 3 months worth of post-dated checks! I don't know what to do but I have had other bills that I am worried about paying besides a cc bill from 5 years ago! Is there any free legal advice, can they really do this and should I sign those papers???
Save that recording !!!!!!!!!!!
Make a few copies of it just in case something happens to the original.
The law firm is collecting a debt. Since the law firm is collecting a debt they are considered as collection agents.
That recording violated the FDCPA.
If they sue, you could file a counterclaim against them for it. (up to $1,000)
Requesting post dated checks is a violation.
You need to find out if collectors need to be licensed and/or bonded in your state.
If they are required to be licensed and/or bonded, you need to find out if that law firm is licensed and bonded to collect debts in your state.
If they supposed to be but aren't - they are collecting illegally. (and it's not only another violation that you can use, it would also get them in deep with the state and the Bar Assoc.)
Do not sign anything with them !!!
Quit speaking to them on the phone, do all of your correspondence to them by mail
Immediately send them a debt validation letter
Do not sign the letter, only print your initials or type your name.
Everything you send to them should be sent certified mail return receipt.
If that is the first time you have heard from them, and you request validation before the first 30 days are up, they MUST cease all collection activities until they validate with you.
That includes filing a suit.
If they continue collections - another violation.
If it has been 5 years since you defaulted, it may be possible that you could be out of the collecting SOL for your state.
If you are out of SOL and they file suit - yep, another violation.
You might click on my profile and click on the last link I have listed. It is a FREE credit discussion board where you can find a ton of info about your state laws (including what your state SOL is), and the FDCPA, sample validation letter templates, etc., etc.
edited to add --
I looked through some of your previous questions. If you still live in the same state that you were in when you asked a question last year and it has been 5 years since you defaulted, then you are past the collecting SOL.
That states SOL statutes are 3 years for open accounts and 5 years for written accounts.
I mentioned both open and written because that state is the only state that has exempted itself from TILA (truth in lending act)
TILA places credit cards as open accounts.
Even though that state does not go by TILA, you can still argue that the account falls under the 3 year SOL statute by using the state consumer credit statutes
Though if it has been 5 years, or more, since you defaulted, you would be past the written SOL anyway.
That state does not require a collector to be either licensed or bonded.
Is the Consumer Credit Counseling Service Legitimate source for no bias help?
I have posted similiar question about this but now that I went to CCCS for advice this is what they said. I'm overextended, duh? I thought that was a no brainer! I have 29000 in debt and the counselour stated it would cost me 772 a month to pay off my debt which would be at 10% for 5 years. I brought in a debt consilidation plan for a loan for $25000 with no collateral needed at 8.9% for 5 years and the counselour shunned at it and said I had no chance at that loan? She did not know how I was living within my means...I told her I had overtime and take surveys on the internet and use Bank of Americas Keep the Change program. She did not comment on those things but said I could use food source and drive 1 hour to a Church to get food for $50 a month to save on food, but no milk, OJ, bread is provided? I have a WalMart across the street and I save gas that way. It just seemed she thought I was a deliquent consumer by I have a good credit history and pay bills on time where else can I go?
No. You should do this on your own. Credit counseling is, for most people, a very bad experience. I've heard many horror stories from my clients and not one of them would do it again. Also, it's a fact that it looks worse to be in credit counseling than to have filed for BK.
Sit down with your bills and come up with a plan. Scale back all unnecessary expenses, get a 2nd job, get a roommate, only eat things you cook at home and figure out how to make it work. People have been in worse spots than you and have come out ok. You can do this.
Good luck!
Looking for a non-certified direct to consumer education loan for dental school?
I'm currently in dental school with a family and funds are getting pretty tight. I took one of these out for a few thousand a while back from Well's Fargo that worked great. Next time I needed one, they shot me down since my overall debt had exceeded 100k. Anyone take a direct to consumer loan out lately? I need some advice. The financial aid people in my school are absolutely no help at all on this matter since these loans are outside their workings. They told me to ask Google.
I'm not interested in anyone trying to sell me a loan here; I'm looking for a student that was in a similar situation to what I'm in and found a loan they were happy with.
Thanks in advance.
Start-up financing advice?
I am starting a new business and am looking for start up financing. I have 20K saved and need about 300K to launch. My business will be a consumer electronics retail store that also sells DVDs, Video games and CDs. I estimated I'll need about 10000-12000 sq ft of space, aprx 8000 showroom and 2000 warehouse. I am expecting to need about 60K to get my loan (is this correct)? I don't want to see any of my equity and so I am only interested in debt loans. I have been in this business for years, but I am only 21 years old. Will banks take me seriously? Any advice will do.
Take a look at the small business resources available at http://www.sba.gov website. They have lots of information on startups and loans.
Any advice would be gratefully received, on a co. that has gone into liquidation & wants money out of me!?
I signed up to a 2 yr membership to a womens only gym, and 6 months later they went into liquidation, i cancelled my direct debit as obviously they were not providing the service I had applied for. Now they have sent me a debt collection letter with a highlighted section saying they have defaulted my credit record. I wrote them a letter advised by consumer direct, which they haven't replied to in writing, but i had them on the phone this morning with quite an aggresive tone, asking me what I was going to do, I told them I wanted to hear in writing, which they got more aggresive with. The 3 co's the gym, credit agency and debt collection all run under the same co, but i have contacted office of fair trading who said they are registered. Not sure what to do now....new to all this type of thing, any suggestions??? I hope this makes sense!!
if they have gone into liquidation they are just trying to bully you, dont pay anything, advise them you are seeking legal advice. if they are getting aggressive they are getting desperate, you are not defaulting on the contract, they did by going bust. stick to your guns, they are just bullies, cant you name and shame them on local tv or something?
advice consumer debt getting - News
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Even in hard times, don't ignore the IRS The IRS considers taxation a "pay as you go" system, said Bob Meighan, vice president for the Consumer Tax Group, part of Intuit Inc., which publishes the |
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'Become your own bank' to get out of debt - ENC Today 'Become your own bank' to get out of debt Consumer credit counseling agencies help those who want to avoid bankruptcy and get out of debt. Weathers, who has been in the credit counseling business |
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ClearPoint Launches Social Media Repay Debt Campaign "We know that the earlier a consumer seeks the advice of a credit counselor, the greater chance we have of helping them get their credit card debt under |
Debt Directory
DebtAdvice.org
Provides a guide to help consumers choose a credit counseling agency.
Knee Deep in Debt
Getting dunning notices from creditors? Are your accounts being turned over to debt ... never guarantee that the consumer will get the loan — or even ...
Consumer Credit Card Debt Consolidation Help & Relief - Debt ...
... debt, medical bills, personal loans, and collection agency accounts with companies that can assist them in getting out of debt fast and affordably. ...
Getting a Debt Consolidation Loan – LowerMyBills
Learn about getting a debt consolidation loan, get debt consolidation tips and bill consolidation tips from LowerMyBills.com.
How to Get Out of Debt
I help people to get out of debt for free with honest and caring advice from the Get Out of Debt Guy – Steve Rhode
